The Spanish economy maintained a steady growth trajectory in the third quarter, driven primarily by domestic demand, as reported by the statistical office INE on Monday.
The country's gross domestic product (GDP) increased by 0.8 percent on a quarterly basis, mirroring the growth rate observed in the second quarter. This quarterly performance was in line with the estimates released on October 30.
From an expenditure perspective, household consumption rose by 1.2 percent, while government spending increased by 2.5 percent. Conversely, gross capital formation saw a decline of 0.9 percent.
Exports of goods and services grew by 0.4 percent, and imports rose by 0.9 percent compared to the previous quarter. Regarding production, every major sector experienced positive growth except for construction.
Specifically, the industrial sector experienced a modest increase of 0.2 percent, and the primary sector expanded by 1.1 percent. In contrast, the construction sector contracted by 1.5 percent.
On an annual basis, GDP growth accelerated to 3.3 percent from the previous quarter's 3.2 percent. However, the growth rate for the third quarter was adjusted downwards from an initial estimate of 3.4 percent.
